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Albemarle cuts 2019 forecast on lithium price pressure

Credit: REUTERS/ERNEST SCHEYDER

Albemarle Corp, the world's largest lithium producer, on Thursday cut its sales and profit forecasts for the year, hit by a continued slump in prices for the white metal.

Oct 24 (Reuters) - Albemarle Corp ALB.N, the world's largest lithium producer, on Thursday cut its sales and profit forecasts for the year, hit by a continued slump in prices for the white metal.

The company now expects adjusted earnings per share in the range of $6.00 to $6.20 in the year, compared with its previous estimate of $6.25 to $6.65.

Albemarle also trimmed its 2019 net sales forecast range to $3.6 billion to $3.7 billion, from $3.65 billion to $3.85 billion.

(Reporting by Shanti S Nair in Bengaluru; Editing by Maju Samuel)

((ShantiS.Nair@thomsonreuters.com; +1 646 223 8780 Ext: 7208;))

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